Supporting an Italian cooperative backing the entertainment industry for 30 years.
The Verona-based cooperative Doc Servizi will benefit from an Impact Financing initiative, providing a €1.3 million loan to professionally redeploy workers in the entertainment industry.
Doc Servizi is the largest entertainment cooperative in Italy and is part of a larger network made up of six other companies that together cover all sectors of the cultural and creative industries, as well as the technology industry.
It was founded in 1990 with the aim of supporting workers in the performing arts. Given the current complicated economic situation, it is reshaping its support for the industry with the help of UniCredit Social Impact Banking.
The funds will be used to support part of the investment plan designed to guarantee new employment opportunities for workers in the performing arts.
This involves helping to stabilise the professional position of workers in the sector, guaranteeing access to social protection mechanisms and providing unemployed workers the opportunity to develop new professional skills.
Luisella Altare, UniCredit North East Regional Manager
"The entertainment and cultural production sector has been one of the hardest hit by the current emergency. The work of Doc Servizi, is vital for preserving and protecting the creative skills within this sector and I am pleased we are able to support them with the financing they need."
The loan is classified as an Impact Financing operation: it falls within the scope of the bank's support activities for profit and non-profit enterprises with clear and measurable social aims. The offer proposes subsidised financing and the possibility for companies to benefit from a donation or partial retrocession of interest if they can deliver on their objectives.
Doc Servizi, will be able to benefit from an interest repayment of €10,000 once it has achieved two of its social objectives: stabalising employment opportunities for over 1,000 workers between 2021-2022, and relocating over 400 workers through training courses.
At the end of 2019, the Doc network had more than 8,400 members, 33 branches across Italy and a turnover of more than €70 million.